Monitoring Agency Report issued by CARE Ratings Limited for the quarter ended June 30, 2026, in respect of utilisation of proceeds raised by way of public issue of equity shares of the ....

August 06, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai 400 001 Mumbai – 400 051 Ref: BSE Scrip Code – 544718 Ref: Symbol – PNGSREVA Sub: Submission of Monitoring Agency Report under Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, enclosed herewith the Monitoring Agency Report for the quarter ended June 30, 2026 issued by CARE Ratings Limited (“Monitoring Agency”) in respect of utilisation of proceeds raised by way of the Public Issue of Equity Shares of the Company. The report is being made available on the Company’s website - https://www.revabypng.com/ Kindly take this on your records please. Yours sincerely, For PNGS Reva Diamond Jewellery Limited Kirti Vaidya Company Secretary & Compliance Officer ICSI M. No. A31430 Monitoring Agency Report No. CARE/PRO/GEN/2026-27/1049 The Board of Directors PNGS Reva Diamond Jewellery Limited 2nd Floor, Abhiruchi Mall, 59/1c, Wadgaon Budruk, Sinhagad Road, Pune - 411041 August 06, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the IPO of PNGS Reva Diamond Jewellery Limited (“the Company”) We write in our capacity of Monitoring Agency for the Fresh Issue for the amount aggregating to Rs.379.51 crore of the Company and refer to our duties cast under 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated February 02, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ashish Kashalkar Associate Director Ashish.kashalkar@careedge.in Report of the Monitoring Agency Name of the issuer: PNGS Reva Diamond Jewellery Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a)Deviation from the objects: No deviation (b)Range of Deviation: Not applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : PNGS Reva Diamond Jewellery Limited Name of the promoter : P N Gadgil & Sons, Govind Vishwanath Gadgil and Renu Govind Gadgil. Industry/sector to which it belongs : Gems, Jewellery and Watches 2) Issue Details Issue Period : February 24, 2026 to February 26, 2026 Type of issue (public/rights) : Public Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs.379.51 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report • The utilization of funds is as per the disclosures in the offer document. • The company has provided a year-wise schedule for utilisation of IPO proceeds towards the stated objects. As on June 30, 2026, utilisation towards certain objects remained lower than the amount envisaged to be utilised up to March 31, Prospectus, Board Resolution, 2026, indicating a delay in deployment of Whether all utilization is as per the disclosures in No Bank statements and the proceeds (refer to note below table 4 No Comments the Offer Document? Supporting invoices (iv)for details). • During Q1FY27, the company has utilized part proceeds as reimbursement of loan repayment done through current account under General Corporate Purpose (GCP). The utilization is as per the board resolution dated March 13, 2026 and subsequent approval from the CFO (refer to note below table 5). Whether shareholder approval has been obtained Chartered Accountant (CA)*, in case of material deviations from expenditures Not applicable Prospectus, Management Nil No Comments disclosed in the Offer Document? Certificate Whether the means of finance for the disclosed CA Certificate*, Prospectus, No Nil No Comments objects of the issue have changed? Management Certificate Is there any major deviation observed over the Previous Monitoring agency No No major deviations have been observed No Comments earlier monitoring agency reports? report Whether all Government/statutory approvals CA Certificate*, Prospectus, Not Applicable Not Applicable No Comments related to the object(s) have been obtained? Management Certificate Whether all arrangements pertaining to technical CA Certificate*, Prospectus, Not Applicable Not Applicable No Comments assistance/collaboration are in operation? Management Certificate Are there any favorable/unfavorable events No CA Certificate*, Prospectus, Nil No Comments Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report affecting the viability of these object(s)? Management Certificate Is there any other relevant information that may CA Certificate*, Prospectus, materially affect the decision making of the No Nil No Comments Management Certificate investors? *The above details are verified by Khandelwal Jain & Associates. vide its CA certificate dated July 25, 2026 Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds uti [Showing first 8,000 characters — download PDF for full document]